The Future of Responsible Media

Report

Obviously, all companies have a desire to stay alive and be profitable. But above and beyond mere survival, increasingly we expect businesses to play a positive role in society or at least reduce their negative social and environmental impacts as much as possible.

How do such concerns apply to the media sector? What are the key impacts of media companies? How will society hold them to account in the future?

In our newest report, The Future of Responsible Media, we articulate four interrelated challenges, the management of which, we believe, will set ‘good’ companies apart from the ‘bad’ over the next 10 years. We summarise these four challenges as follows:

Managing the workplace of the future – rethinking existing notions of ‘purpose’,
‘progression’ and ‘hierarchy’ as the competition for critical talent heats up.

Further to this, we identify eight social and technological forces that are likely to transform society generally and the world of media more specifically.

The report is based on rigorous desk-research, the collective insights of the 25 companies participating in the Responsible Media Forum as well as input from some of the brightest sparks in business, politics and academia.

Related Insights…

The new Gender Pay Gap reporting regulations produced a flood of data in April 2018. Carnstone has sifted through it to provide like-for-like comparisons for the FTSE 100 and FTSE 250. Which companies have the highest gaps in their sector and which the lowest? Who has the most equal pay in the FTSE 100? Which sectors are most equal and which least? This Review sets the data out simply and comparably to form an essential reference document for this first year’s disclosures.

In the face of rapidly changing reading habits what does the future hold for printed books? Will they still be around in ten years? And if so, how might they be made?

Our publishing initiative, the Book Chain Project, helps publishers to better understand how, where and from what their books are made. It’s been ten years since the first part of the Project began by gathering data on the tree species used in paper. We wrote this report to reflect on that past decade, to better understand our current reading habits, and finally to gaze into the crystal ball to see what books of the future might look like, and how and where they might be made.

Based on current trends we’ve identified four underlying stories of the book:

Digital print: New printing technology is significantly affecting how books are made. It’s allowing print-on-demand, local production, and personalised content, and allowing publishers to revive their archived titles, and take opportunities to trial new authors.

Digital conversion: In some cases digital clearly offers benefits over print when we look at connectivity and interactivity. Where the changes are happening, they’re happening quickly.

Digital interaction: Print and digital can complement one another in blended approaches where digital interactivity can help to bring print to life.

Digital distraction: In our desire to avoid digital overload from the ever-present screens and devices in our lives, are books one of our last remaining bastions of escapism?

We go on to predict three possible futures for the book and ultimately what this means for our future work on the Book Chain Project.

The report’s findings are informed by our desk research, in-depth interviews with the Project’s publishers, and guest presentations from our 2016 seminars in London and New York.

We were asked by a major investment manager to assess the state of diversity and inclusion (D&I) among a group of 200 major companies, all listed in Asia and the Pacific.

There is no one way of doing D&I, especially in a region as culturally and economically diverse as this. As a result, there are no established benchmarks or frameworks that can be readily applied to assess performance. Noting this, we created our own template to understand and rank companies’ D&I performance.

Dr. Reddy's Laboratories, the Indian pharmaceutical company, came out top, closely followed by CSL (Australia) and Hang Seng Bank (Hong Kong). However, our findings indicate that the majority of companies in the research universe largely ignore – or at least show no signs of managing – D&I as a strategic business issue. This suggests that awareness and understanding of D&I as a driver of competitive advantage is limited to ‘an enlightened few’.

The report includes case studies and sets out a framework for companies interested in improving their D&I performance.